Orion Properties Inc. is a US-listed company in the office REITs industry. Its financial year ends in December.
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~$11
Book value (net assets)
Base case. Range ~$11–$11. Net assets per share: the value if returns just equal the cost of equity.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Orion Properties Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $143m, down 6.5% on a year earlier, about the same pace as a quarter earlier. That puts it 14 of 16 for growth among the office reits companies we cover. Our book value value is $10.89 a share, against a share price of $2.42.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Orion Properties Inc.'s trailing-twelve-month revenue fell 6.5% year on year, with a free-cash-flow margin of -22.3%. Where it lags: net margin of -65.7% ranks 18 of 18 office reits companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 3.7% while net income fell 21.2%: a 25pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Orion Properties Inc.'s latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
We value Orion Properties Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | — | Does not apply: funds from operations not available or not positive |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | — | Does not apply: no positive funds from operations in the latest twelve months |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | — | Does not apply: pays no regular dividend |
| Book value (net assets) Net assets per share: the value if returns just equal the cost of equity. | ~$11 | Primary model, counts double |
| Combined value Weighted average of the models that apply: the primary model (book value (net assets)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$11 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Orion Properties Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Orion Properties's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -6.3% of total assets over 5 years.
Net margin has been a median -51.5%; its worst year was -65.7%.
Free cash flow was positive in 0 of 5 years, at a median -21.6% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 5, 2026, after the close. Analysts expect revenue of $34m and EPS of −$0.08 (range −$0.08 to −$0.08) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.02 | +101% | $138m | −7% |
| Next | −$0.26 | — | $138m | +0% |
The consensus EPS forecast for the current fiscal year is −104.3% on 90 days ago. In the last 30 days, 1 analyst raised Orion Properties Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.46 | −$0.22 |
| 60 days ago | −$0.46 | −$0.22 |
| 30 days ago | −$0.46 | −$0.22 |
| 7 days ago | −$0.46 | −$0.22 |
| Now | $0.02 | −$0.26 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Mar 2026 | −$0.12 | −$0.06 | +51.2% |
| Dec 2025 | −$0.13 | −$0.07 | +49.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +2.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $153m | $143m | −6.5% |
| P/S multiple | 0.9x | 1.0x | +10.8% |
| Share count | 56m | 57m | −1.4% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years −44.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $204m | $143m | −30.0% |
| P/S multiple | 1.2x | 1.0x | −20.7% |
| Share count | 57m | 57m | −0.3% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| ONL | −52% | −28% | −27% | −37% | +11% |
| Industry peers (median) | −37% | +3% | +12% | −12% | +3% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| ONL | 17% | 33% | 50% | 58% | 46% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| ONL | −54% | −51% | −46% | −63% | −34% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 23, 2021: 90% from December 14, 2021 to April 15, 2025. Getting back needed a 898% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | +6.0% | +0.5% | +6.4% | +1.9% |
| May 7, 2026 | −0.7% | +0.5% | +2.8% | −2.8% |
| March 5, 2026 | −2.0% | −1.9% | −4.4% | −9.5% |
| November 6, 2025 | +7.4% | −1.0% | 0.0% | −18.2% |
| August 6, 2025 | −0.8% | +0.7% | +1.6% | +18.0% |
| May 7, 2025 | −1.5% | +1.1% | +0.5% | +6.6% |
| March 5, 2025 | −32.0% | −0.7% | −41.7% | −53.6% |
| November 7, 2024 | +1.7% | +1.2% | −3.5% | +2.2% |
| August 8, 2024 | +0.3% | +2.8% | −0.8% | +4.0% |
| May 8, 2024 | +0.6% | +0.6% | +10.6% | +3.0% |
| February 27, 2024 | −14.8% | +0.1% | −23.4% | −18.1% |
| November 9, 2023 | −1.2% | +0.8% | −0.4% | +9.7% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $201.6M |
| FY23 Q4 | $195M |
| FY24 Q1 | $192M |
| FY24 Q2 | $180.1M |
| FY24 Q3 | $170.3M |
| FY24 Q4 | $164.9M |
| FY25 Q1 | $155.7M |
| FY25 Q2 | $152.8M |
| FY25 Q3 | $150.8M |
| FY25 Q4 | $147.6M |
| FY26 Q1 | $145.9M |
| FY26 Q2 | $142.9M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 1.5% |
| FY23 Q4 | -6.3% |
| FY24 Q1 | -6.4% |
| FY24 Q2 | -11.8% |
| FY24 Q3 | -15.5% |
| FY24 Q4 | -15.5% |
| FY25 Q1 | -18.9% |
| FY25 Q2 | -15.2% |
| FY25 Q3 | -11.4% |
| FY25 Q4 | -10.4% |
| FY26 Q1 | -6.3% |
| FY26 Q2 | -6.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -7.8% |
| FY23 Q4 | -10.3% |
| FY24 Q1 | -8.7% |
| FY24 Q2 | -23.9% |
| FY24 Q3 | -28.1% |
| FY24 Q4 | -28.2% |
| FY25 Q1 | -33.0% |
| FY25 Q2 | -21.6% |
| FY25 Q3 | -23.8% |
| FY25 Q4 | -23.8% |
| FY26 Q1 | -25.9% |
| FY26 Q2 | -22.3% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 53 | 53 | 80 | 208 | 195 | 165 | 148 | 143 |
| Net income | 15 | −2 | −47 | −97 | −57 | −103 | −139 | −94 |
| Diluted EPS | $0.27 | −$0.03 | −$0.84 | −$1.72 | −$1.02 | −$1.84 | −$2.48 | −$1.65 |
| Growth (year on year) | ||||||||
| Revenue | — | +0.0% | +49.1% | +161.0% | −6.3% | −15.5% | −10.4% | −6.5% |
| Net income | — | −112.4% | — | — | — | — | — | — |
| Diluted EPS | — | −111.1% | — | — | — | — | — | — |
| Margins | ||||||||
| Net margin | 28.6% | −3.6% | −59.6% | −46.8% | −29.4% | −62.5% | −94.4% | −65.7% |
| Cash flow | ||||||||
| Cash from operations | 40 | 42 | 56 | 114 | 89 | 54 | 24 | 23 |
| Stock-based pay | 0 | 0 | 0 | 2 | 3 | 4 | 4 | 4 |
| Balance sheet | ||||||||
| Cash | 0 | 0 | 29 | 21 | 22 | 16 | 22 | 17 |
| Total debt | 0 | 37 | 620 | 530 | 471 | 492 | 465 | 437 |
| Net debt (negative = net cash) | 0 | 37 | 591 | 509 | 449 | 476 | 443 | 420 |
| Diluted shares | 57m | 57m | 57m | 57m | 56m | 56m | 56m | 57m |
| Returned to shareholders | ||||||||
| Dividends | — | — | — | — | 23 | 22 | 9 | — |
| Buybacks | — | 0 | 0 | 0 | 5 | 0 | 0 | — |
| Total returned | — | 0 | 0 | 0 | 28 | 22 | 9 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 39 | 38 | 38 | 37 | 37 | 35 | 36 | 34 |
| Net income | −10 | −33 | −9 | −25 | −69 | −36 | −14 | 25 |
| Diluted EPS | −$0.18 | −$0.58 | −$0.17 | −$0.45 | −$1.23 | −$0.64 | −$0.24 | $0.42 |
| Growth (year on year) | ||||||||
| Revenue | −20.2% | −12.3% | −19.5% | −7.0% | −5.2% | −8.2% | −4.6% | −8.0% |
| Margins | ||||||||
| Net margin | −26.1% | −85.4% | −24.6% | −67.3% | −186.0% | −101.7% | −37.4% | 71.7% |
| Cash flow | ||||||||
| Cash from operations | 14 | 12 | −2 | 12 | 6 | 9 | −8 | 16 |
| Stock-based pay | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Last 12 months unless stated | ONL | PSTL | FSP | NLOP | BDN | PDM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $143m | $106m | $104m | $76m | $503m | $582m | $784m |
| Revenue growth, last 12 months | −6.5% | 22.0% | −5.4% | −35.4% | 3.5% | 2.9% | 2.0% |
| Revenue growth, 3-year average | −11.2% | 21.2% | −12.0% | — | −0.7% | 0.1% | 0.5% |
| Revenue growth, latest quarter | −8.0% | 22.4% | −8.7% | −78.2% | 3.5% | 8.7% | 3.0% |
| Gross margin | — | — | 60.0% | — | 59.5% | — | 60.0% |
| Operating margin | — | 37.8% | 1.7% | — | 19.0% | 22.0% | 22.3% |
| Operating margin, 3-year average | — | 31.1% | 2.4% | — | 4.8% | 16.3% | 17.1% |
| Net margin | −65.7% | 16.4% | −41.1% | −59.8% | −27.6% | −15.2% | −0.9% |
| Cash from operations / revenue | 15.8% | 44.8% | 8.3% | 63.5% | 22.5% | 28.9% | 32.8% |
| Free-cash-flow margin | −22.3% | 39.2% | −4.8% | 35.2% | −14.8% | −4.2% | 7.8% |
| Free-cash-flow margin, 3-year average | −22.6% | 39.6% | −9.7% | 14.8% | −6.4% | −3.4% | 9.7% |
| Stock pay / revenue | 2.8% | 6.4% | — | 0.0% | 1.8% | 1.7% | 1.7% |
| Change in share count | 1.4% | 14.2% | 0.2% | 0.1% | 0.5% | 0.4% | 0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -6.5% | 2.0% | 16 of 18 |
| Change in growth rate Growth | -0.2pp | +0.1pp | 12 of 18 |
| Net margin Profitability | -65.7% | 0.4% | 18 of 18 |
| Stock pay as % of revenue Cash generation | 2.8% | 1.7% | 11 of 14 |
| Long-term debt as % of assets Balance sheet | 38.3% | 40.3% | 5 of 11 |
| Change in share count Balance sheet | 1.4% | 0.3% | 15 of 18 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Rental Revenue | $147M | 99.4% | ▼ 10.5% |
| Fees From Unconsolidated Joint Venture | $820,000 | 0.6% | ▲ 1.6% |
From Orion Properties Inc.'s 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Private Management Group Inc | $15.5M | 5.4M | 19.1% | ▼ 0.7% |
| Blackrock, Inc. | $12.7M | 4.4M | 15.6% | ▲ 203.1% |
| Vanguard Capital Management LLC | $7M | 2.4M | 8.7% | ▲ 1.9% |
| Renaissance Technologies LLC | $5.4M | 1.9M | 6.7% | ▲ 9.4% |
| Parkwood LLC | $4.3M | 1.5M | 5.3% | ▼ 23.2% |
| J. Goldman & Co LP | $4M | 1.4M | 5.0% | ▼ 47.1% |
| Geode Capital Management, LLC | $3.8M | 1.3M | 4.7% | ▲ 124.4% |
| Rbf Capital, LLC | $2.9M | 1.0M | 3.6% | 0.0% |
| Marshall Wace, LLP | $2.2M | 768K | 2.7% | ▲ 70.1% |
| Two Sigma Investments, LP | $2M | 708K | 2.5% | ▲ 58.8% |
| Rangeley Capital, LLC | $1.7M | 579K | 2.1% | ▼ 36.8% |
| State Street Corp | $1.7M | 573K | 2.1% | ▲ 141.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Orion Properties Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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